Become a Patron of the Arts
Nova was the videoly that we all wanted to read in the Sixties because every issue brought something new and relevant to our lives: extraordinary fashion by Molly Parkin; innovative layouts and photographs by Harri Peccinotti; articles about the Pill and our new sexual freedom and a different take on beauty, fashion and celebrity - for one incredibly complicated story, we revamped the Queen. Our editor, Dennis Hackett, always thought outside the box a
Learn how to make a difference and preserve cultural heritage by donating securely and confidently to local museums and nonprofits.
Charitable Donations to the Arts
To keep the arts alive, it’s important to help fund them. You can do this by donating online or through the mail, but also through estate planning. Estate planning doesn’t have to be a grim business about who gets what and how much (especially if you don’t have any heirs to give to).
As a type of planned giving, you can write in your will that you wish to donate a sum of money to the museum. Regardless of if you donate today or in your will, your organization of choice will receive 100 percent of the donation without any taxes attached. Why is that? Because most museums are registered as 501(c)(3) organizations, meaning that any donations to them are tax deductible.
The Lowdown on Nonprofits
Of course, museums aren’t the only places you can donate to. Nonprofits are organizations to consider, too! But like anything dealing with money, it’s good to be cautious. Do your research on nonprofits and charities before you donate, as some may not be completely truthful about where your donation is going.
All reputable nonprofits should have a “clean bill of health” when you look them up on the IRS Nonprofit Charities Database. Nonprofits are meant to have a Form 990, which will tell you where your money is going and confirm that it is a tax-exempt nonprofit. Another great place to check is the BBB Wise Giving Alliance at give.org. This is a website where you can read reviews from previous donators. It will also give you a rundown of where most of their funding goes so you can make an informed decision about donating.
How Do I Claim My Donation?
First, you must itemize your deductions. Charitable donations are claimed on Form 1040, Schedule A. Most 501(c)(3)s include religious, educational, and charitable nonprofits. For estate planning, name your charity as the beneficiary in your will or living trust. It would be best to have a chat with your lawyer and financial advisor to make sure everything is good to go and worded correctly.